ECONOMY

Rasim GASANOV

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Rasim Gasanov, D.Sc. (Econ.), professor, Azerbaijan State Economic University (Baku, Azerbaijan)

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Introduction

The creation of a socially oriented market economy, chosen by Azerbaijan as a development model, is taking place through phased liberalization of economic activity coupled with active government support for priority sectors. Other major components of this process are measures to create a favorable investment environment and a proper market infrastructure and to improve the social protection system. According to international financial institutions, the Azerbaijan economy today is among the most dynamically developing economies in the world.

Macroeconomic Stability

Active use of oil and gas resources not only ensures the energy self-sufficiency of the Azerbaijan economy, but has also been a key factor of its development over the past century and a half. After the restoration of state independence in 1991, energy resources once again became a crucial factor in radical economic transformations. The turning point here was the conclusion in September 1994 of a production sharing agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil fields. Later on, this agreement came to be known as the “Contract of the Century.” Direct and indirect threats—both domestic and external—could not change the country’s policy of…………….

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